Biofrontera agrees with ASAT on the settlement of purchase price payments with new shares
(Thomson Reuters ONE) -
Biofrontera AG /
Biofrontera agrees with ASAT on the settlement of purchase price payments with
new shares
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The issuer is solely responsible for the content of this announcement.
Leverkusen, Germany - Biofrontera AG (DSE: B8F) and ASAT Applied Science and
Technology AG, Zug, Switzerland, agreed yesterday to transfer debt claims of ?
2,094,395 against Biofrontera Bioscience GmbH (a wholly-owned affiliate of
Biofrontera) to Biofrontera. In return ASAT will receive 385,000 new Biofrontera
shares from authorized capital.
The claims of ASAT stem from 2004, when Biofrontera purchased know-how and
patents related to her leading product BF-200 ALA, which is currently in the
European approval process. A payment obligation of ? 1 mln. remaining after
yesterday's agreement will be due three months after the approval.
The transaction leads to a considerable improvement of the equity situation of
the Biofrontera group. If the debt had been paid to ASAT in cash, substantially
more shares had to be issued to refinance the payment. Thus, the transaction
improved both, equity capital and liquidity, thereby particularly accommodating
the interests of the share holders.
Peter Schmid, president of the board of ASAT commented: "Given the advanced
approval process of BF-200 ALA we expect a very positive development, and
accepted the modification of the purchase agreement and the receipt of the
shares since we anticipate a profound increase of the share price. As a visible
indication for our long-term interest we have agreed to the obligation to hold
the shares for at least one year after the registration of the shares. We are
happy to be again involved in the commercial success of the product through this
instrument."
Hereto Prof. Hermann Lübbert, CEO of Biofrontera AG: "The investment in kind
through the transfer of the debt claim corresponds to a share price of ? 5.44
and illustrates the potential that our business partners, which naturally expect
even higher prices, see in the Biofrontera shares."
Background
BF-200 ALA gel is a drug for the treatment of actinic keratosis. It is applied
in the relatively novel photodynamic therapy (PDT). This therapy is a one-time
treatment of actinic keratosis lesions with very high efficacy and excellent
cosmetic results, without the side-effects and discomfort of a long-term
treatment.
Actinic keratosis is a superficial skin cancer that is still restricted to the
upper skin layer (the epidermis). These tumors result from UV-light induced
lesions accumulating during the life time. They occur very frequently in sun-
exposed skin regions. In about 10-15% of the affected people the actinic
keratosis lesions develop into malignant, potentially fatal squamous cell
carcinomas.
About Biofrontera AG
Biofrontera aims at attending and treating the skin, recognizing the aesthetic
needs of a person's visual reflection.
Biofrontera is listed in the regulated market of the Düsseldorf stock exchange
under the symbol B8F and the ISIN number DE0006046113.
www.biofrontera.com
This press release contains forward-looking statements based on the currently
held beliefs and assumptions of the management of Biofrontera AG, which are
expressed in good faith and, in their opinion, reasonable. Forward-looking
statements involve known and unknown risks, uncertainties and other factors,
which may cause the assumptions expressed or implied in this press release to be
faulty. Given these risks, uncertainties and other factors, recipients of this
document are cautioned not to place undue reliance on the forward-looking
statements. Biofrontera AG disclaims any obligation to update these forward-
looking statements to reflect future events or developments.
For further information please contact:
Werner Pehlemann
CFO
+ 49 (0) 214 87632 0
+ 49 (0) 214 87632 90
w.pehlemann(at)biofrontera.com
Biofrontera AG
Hemmelrather Weg 201
D- 51377 Leverkusen, Germany
--- End of Message ---
Biofrontera AG
Hemmelrather Weg 201 Leverkusen Germany
WKN: 604611;ISIN: DE0006046113;
Listed: Freiverkehr in Börse Stuttgart,
Freiverkehr in Börse Berlin,
Open Market (Freiverkehr) in Frankfurter Wertpapierbörse,
Freiverkehr in Bayerische Börse München,
Regulierter Markt in Börse Düsseldorf;
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Biofrontera AG via Thomson Reuters ONE
[HUG#1523992]
Unternehmensinformation / Kurzprofil:
Datum: 16.06.2011 - 13:56 Uhr
Sprache: Deutsch
News-ID 55618
Anzahl Zeichen: 5406
contact information:
Town:
Leverkusen
Kategorie:
Business News
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